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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Pampa Energia SA has a M-score of -5.52 suggests that the company is not a manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 2.81. The lowest was -6.24. And the median was -2.62.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9394||+||0.528 * -3.0189||+||0.404 * 0.8688||+||0.892 * 0.9565||+||0.115 * 1.1126|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3772||+||4.679 * -0.1412||-||0.327 * 1.1874|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $272.6 Mil.|
Revenue was 180.163240629 + 173.084280532 + 166.416444982 + 172.986457074 = $692.7 Mil.
Gross Profit was -0.485126964933 + 13.7563482467 + -7.16239419589 + -2.84679564692 = $3.3 Mil.
Total Current Assets was $515.1 Mil.
Total Assets was $1,734.8 Mil.
Property, Plant and Equipment(Net PPE) was $928.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.9 Mil.
Selling, General & Admin. Expense(SGA) was $159.1 Mil.
Total Current Liabilities was $708.3 Mil.
Long-Term Debt was $422.0 Mil.
Net Income was 37.4475211608 + -47.1711003628 + -11.9176541717 + -19.4207980653 = $-41.1 Mil.
Non Operating Income was 11.5659008464 + -36.7036275695 + -33.5547762999 + -0.332889963724 = $-59.0 Mil.
Cash Flow from Operations was 56.7215235792 + 60.400241838 + 83.3472793229 + 62.3642079807 = $262.8 Mil.
|Accounts Receivable was $303.4 Mil.
Revenue was 137.710519952 + 168.343168077 + 190.216565901 + 227.878960097 = $724.1 Mil.
Gross Profit was -9.36880290206 + -12.4869407497 + 5.6592503023 + 5.90084643289 = $-10.3 Mil.
Total Current Assets was $418.7 Mil.
Total Assets was $1,474.7 Mil.
Property, Plant and Equipment(Net PPE) was $771.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $44.5 Mil.
Selling, General & Admin. Expense(SGA) was $120.8 Mil.
Total Current Liabilities was $482.2 Mil.
Long-Term Debt was $327.1 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(272.59879081 / 692.650423216)||/||(303.375332527 / 724.149214027)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(13.7563482467 / 724.149214027)||/||(-0.485126964933 / 692.650423216)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (515.118258767 + 928.407859734) / 1734.7974607)||/||(1 - (418.656590085 + 771.083071342) / 1474.73966143)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(44.5379685611 / (44.5379685611 + 771.083071342))||/||(47.9172914148 / (47.9172914148 + 928.407859734))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(159.140024184 / 692.650423216)||/||(120.806045949 / 724.149214027)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((421.999153567 + 708.346674728) / 1734.7974607)||/||((327.094679565 + 482.183675937) / 1474.73966143)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-41.0620314389 - -59.0253929867||-||262.833252721)||/||1734.7974607|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -5.52 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data